Newmont shareholders vote overwhelmingly to approve acquisition of Newcrest
Newmont Corporation announced that more than 96 percent of votes cast on the proposal for the issuance of Newmont common stock in connection with the proposed acquisition of Newcrest Mining Limited were voted in favor of approval at today’s special shareholder meeting.
“Recognizing the strategic rationale to create the industry’s strongest portfolio of world class gold and copper assets, Newmont’s shareholders overwhelmingly voted in favor of this transformational transaction,” said Tom Palmer, Newmont’s President and Chief Executive Officer. “This unrivalled platform, featuring the industry’s best talent running the highest concentration of Tier One assets in the most favorable jurisdictions, uniquely positions Newmont to generate superior returns for decades.”
Newcrest’s shareholder vote will be held this Friday, October 13, 2023, at 10:30 a.m. Australian Eastern Daylight Time.
All government regulatory approvals necessary for the transaction to proceed have been secured. Newmont and Newcrest anticipate the transaction closing in early November, subject to the satisfaction of customary closing conditions.
On May 14, 2023, Newmont announced its definitive agreement to acquire Newcrest. The combination would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favorable, low-risk mining jurisdictions. Upon closing of the transaction, the combined Company would deliver a multi-decade production profile from 10 large, long-life, low cost Tier 1 operations, and increased annual copper production, primarily from Australia and Canada. The combined business is anticipated to generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, while also targeting at least $2 billion in cash improvements through portfolio optimization in the first two years after closing.
Photo: Newcrest Telfer Mine in Western Australia